On economic and financial terrorism

Sir: If asked the greatest challenge facing the country, many would say Boko Haram Islamist terrorism. Of a truth, in the last couple of years the terrorists have wrecked havoc on lives, properties and economy of northern Nigeria, especially the Northeast. But is it really our worst challenge? How about unbridled corruption, the mindless stealing of public wealth that has gone on for decades?

Kautilya, the third century Indian philosopher, noted that “the arrow shot by the archer may or may not kill a single person. But stratagems devised by a wise man can kill even babes in the womb”. I rephrase: the bomb detonated by a Boko Haram suicide bomber may kill scores or none. But looting of public funds can cause deaths and despair for generations. It is quite understandable why Boko Haram is considered particularly dangerous. This is because the effects of their actions are more easily linked to them and particularly gruesome to the sight. However, the effects of corruption and mindless stealing of public funds are no less devastating; it could be even worse. It ensures that society lacks good hospital and healthcare, schools and education, water, food, roads, power, industries etc. It even ensured that soldiers fighting Boko Haram were improperly equipped. These take terrible toll on the lives and wellbeing of citizens. Hence, I think it is appropriate to term it economic and financial terrorism. Yes, by depriving society of hefty and much needed funds, the looter terrorizes it.

If we accept that economic and financial terrorism is as dangerous if not more dangerous than Boko Haram terrorism, then we must tackle it with as much vigour, if not more. According to some legal minds, it is near impossible to successfully try and convict a determined looter under our present laws and judicial process. This means that our laws and judicial process are in dire need of reform. The anti-corruption agencies must also be strengthened. But in the short and medium term, something drastic may have to be done.

Critical situations demand critical measures; corruption and stealing of public funds in Nigeria have long reached critical point. Sometimes, freedom may have to be curtailed in order to preserve it. The three states of Borno, Yobe and Adamawa have been under emergency rule due to Boko Haram terrorism. Now I suggest a state of emergency be also declared on economic and financial terrorism. But we need to first specifically determine what constitutes economic and financial terrorism. I suggest the stealing or misappropriation of public funds to the tune of N100m and above, or engagement in corrupt acts that cost the public up to the same amount.

After declaration of the state of emergency, anyone suspected of having stolen or misappropriated up to the designated amount shall be regarded and referred to as an economic and financial terrorism suspect. He/she shall be treated like a very dangerous citizen, just like an armed robbery or Boko Haram suspect. And if there is sufficient evidence that he/she actually engaged in the crime, then like the armed robbery or Boko Haram suspect, he/she shall have some of his/her civic liberties/rights suspended. I suggest, for instance, that such suspects not be liable to bail; also that special courts not quite like regular ones be set up to try such. On conviction, the economic and financial terrorist should also be punished severely like the murderer, armed robber or Boko Haram terrorist.

Of course, I do not claim to have expertise in law, neither have I scrupulously examined all angles of the matter and possible outcomes of the declaration of the emergency. I’m also not unaware that an act enabling the emergency will have to pass through the National Assembly (and there is a problem) or that the President and others that may wield emergency power must be people of sizeable integrity that must do so with utmost responsibility. I hope though that the suggestion at least inspires some thought and possibly discussion.